June 22, 2016

Patrick Industries Acquires Mishawaka Sheet Metal

Patrick Industries, Inc., Elkhart, Ind., a supplier of building products for the manufactured housing and recreational vehicle industries, has completed the acquisition of Mishawaka Sheet Metal LLC, also based in Elkhart. MSM is a full-service distributor and fabricator of a wide variety of aluminum and steel products serving both the RV and industrial markets. MSM's 2015 revenues were approximately $28 million.

"The acquisition of MSM allows us to capitalize on its value-added manufacturing capabilities, products, and expertise as a leading supplier and manufacturer of high-quality, customized aluminum and steel components," says Todd Cleveland, CEO of Patrick. "In addition to further expanding our market presence and increasing our RV content per unit, the acquisition of MSM provides us the opportunity to continue to penetrate adjacent industrial markets with our broad product offering and value proposition."

The net purchase price for MSM of approximately $14 million was funded under the company's existing credit facility and includes the acquisition of accounts receivable, inventory, and machinery and equipment. Patrick will continue to operate the business on a stand-alone basis under the MSM brand name in its existing facility.


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Thursday, October 19, 2017